According to a report by Savills Portugal Capital Markets, the volume of investments in commercial real estate in Portugal in the first half of 2026 reached 1.4 billion euros, which is 14% higher than in the same period last year. The main driver of growth occurred in the first quarter, which brought 914 million euros of investment - 39% more than in January-March 2025. In the second quarter, activity decreased slightly to 491 million euros, which corresponds to the multi-year average for this period.
The market is showing structural changes: the total number of transactions increased by 25%, and their average size decreased from 34.2 million to 27 million euros. This indicates the fragmentation of the market, the expansion of the circle of investors and less dependence on single large transactions. Savills analysts note that the Portuguese market is becoming more diversified and resilient to volatility.
The leader in attracting investments was the hotel sector, which raised 508 million euros (36% of the total volume, an increase of 54%). The retail real estate sector took the second place with 464 million euros (33%), although a 25% drop was recorded here against the background of a strong first half of 2025. The industrial and warehouse sector grew by 48% to 164 million euros, while the office segment decreased by 49% to 68 million euros due to a shortage of high-quality facilities on the market, rather than due to falling demand.
The emergence of new asset classes deserves special attention . Investments in data centers amounted to 120 million euros, which was facilitated by the sale of the Covilla campus.
The residential real estate sector, expanded with homes for the elderly, attracted 71 million euros, showing an increase of 79% compared to last year.
The main sources of capital were institutional investors (46%) and private equity funds (17%). At the same time, 61% of investments came from abroad, mainly from France, Great Britain, the USA, Spain and Switzerland, while the share of Portuguese capital was 38.1%. Capitalization rates remained stable in most sectors.
Savills predicts continued high activity in the second half of the year, especially in the hotel and logistics segments.
Source: Essential Business
